Medsphere Systems Corporation, a Carlsbad, Calif.-based provider of efficient and interoperable healthcare information technology (IT) software solutions and services, raised $40m in funding.
TPG Sixth Street Partners made the equity investment. Lee Mooney, Principal at TPG Sixth Street Partners will join Medsphere’s Board of Directors as part of the capital raise.
The company intends to use the funds for organic growth and pursue opportunistic strategic acquisitions.
Founded in 2002 and led by President and CEO Irv Lichtenwald, Medsphere Systems Corporation provides healthcare IT solutions for providers of every size and budget. Its inpatient portfolio includes CareVue, an integrated EHR system that incorporates clinical, financial, and patient accounting solutions, and RCM Cloud, a complete end-to-end revenue cycle management solution. Medsphere’s ChartLogic division offers a complete ambulatory suite including EHR, Practice Management, Revenue Cycle Management, and Patient Portal. Using a vendor-independent approach to helping hospitals solve critical challenges, the Phoenix Health Systems division provides a host of healthcare IT services, including systems implementation, project management, remote service desk, end-user device management, application management and IT leadership. The company’s Government Services Division also applies legacy EHR expertise to development and testing projects for both the Department of Veterans Affairs and Indian Health Service.